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ETH TLDR
Core Points
The corporate treasury currently holds nearly 7.8 million ETH.
ETF provides a second channel for institutional demand.
Currently, nearly 11% of the total supply of Ethereum is held by ETFs and corporate treasuries.
CoinGecko traced 32 companies holding a total of 7.8 million ETH units.
BitMine Immersion Technologies is the largest corporate holder, holding approximately 5.79 million ETH units.
Since its launch, the U.S. spot Ethereum ETF has attracted a net inflow of approximately US$10.86 billion.
Analysts said this trend reflects growth in institutional demand rather than a permanent decrease in supply.
Ethereum supply is increasingly concentrated in institutional holders
New data shows that exchange-traded funds (ETFs) and corporate treasuries now control nearly 11% of the ETH in circulation. These data are from statistics as of July 1, 2026 and show the rate at which institutional demand for Ethereum has grown in the past two years.
Corporate treasuries now hold nearly 7.8 million ETH
CoinGecko currently tracks 32 companies that hold Ethereum on their balance sheets. Together, these companies control approximately 7,797,994 ETH units, accounting for approximately 6.46% of the total supply.
A few large holders account for the majority of this total. The Block's ETH treasury tracker shows that BitMine Immersion Technologies holds approximately 5.79 million ETH, making it the largest corporate position tracked. SharpLink holds the second largest number, approximately 869,000 ETH units. The gap between the largest holder and other holders shows the concentration of corporate accumulation.
BitMine said in July that its holdings had increased to approximately 5.77 million ETH units. This figure accounts for approximately 4.8% of Ethereum's total supply. BitMine Chairman Tom Lee said the company's goal is to reach 5% of ETH supply. If this goal is achieved, BitMine's position will become one of the largest single positions in the asset.
ETF provides a second channel for institutional demand
Spot Ethereum ETF provides traditional investors with a way to gain ETH exposure without directly holding assets. The U.S. spot ETH ETF will begin trading in July 2024. Since then, new pledge-backed ETF products have expanded the scope of fund managers 'operations on the ETH they hold, adding another layer of activity beyond mere price exposure.
Data shows that as of July 1, 2026, the cumulative net inflow of U.S. spot ETH ETFs was approximately US$10.86 billion. Daily inflows continue until early July.
Overall, ETFs and corporate treasuries provide two independent channels for institutional demand. ETFs package ETH exposure to fund investors, while corporate treasuries directly buy and hold the underlying assets. Some treasury companies also pledge their ETH holdings to generate additional revenue, further increasing the level of activity beyond mere holding.
Analysts caution that the figure of nearly 11% should not be interpreted as a permanent lock-in of supply. ETF shares can be redeemed, and treasury companies can also sell or transfer their positions based on strategy. There is a difference between institutional ownership and the actual withdrawal of supply from circulation. ETH held in ETFs or corporate wallets remains part of the broader market.
The key question for the future is how long these holders will keep their positions. Their actions, including whether to pledge their ETH, will affect the shape of available supply over time.
Ethereum's role is also expanding beyond transactions. The network is increasingly used for tokenized assets and other blockchain-based financial applications. The May 2026 Fusaka upgrade expanded Ethereum's data capacity with a system called PeerDAS, which is designed to support more activity on the Ethereum Layer 2 network.
As of early July 2026, ETF inflows and corporate ETH accumulation are still continuing.
